US retailer Kroger has increased its full-year profit forecast after reporting a rise in third-quarter earnings.
In the three-month period ended 3 November, earnings climbed to US$316.5m from $195.9m a year earlier, which included a benefit from a settlement with Visa and MasterCard and a reduction in the company’s obligation to fund the UFCW consolidated pension fund created in January. Operating profit was up 47.1% to $594.8m.
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Total sales, including fuel, increased 5.9% to $21.8bn. Excluding fuel, sales increased 3.7%, while identical supermarket sales growth, without fuel, was 3.2% in the quarter.
Kroger raised its full-year diluted EPS guidance to $2.44 to $2.46 from its previous guidance range of $2.35 to $2.42.
